He said because of the euphoria that characterised Christmas festivities every year, there is high temptation of overspending beyond one’s earnings; therefore, it would be prudent to be guided by a financial plan.

Prof. Gatsi, who is an astute economist, in an interview with the Ghana News Agency, underscored the need for Ghanaians to spend on things that would bring them the greatest benefits.

He noted that most people faced the reality of life in the middle of January every year after spending on Christmas foods and cookies as well as church conventions in late December the previous year.

“When you visit your neighbour in the middle of January for financial support, it would be difficult for you to get it because he or she is also suffering, so be careful with your expenses during the Christmas and New Year festivities,” Prof Gatsi admonished.

Mr Francis Klutse, a civil servant, said he had a wife and three children and having experienced financial difficulties in the past, especially in the middle of January, he had learnt his lessons very well and, therefore, drew a financial plan to guide his expenditure this time around.

“I remember I went out with two of my children to the Makola Market on the eve of Christmas and one of them pointed to a beautifully designed plastic car…Daddy…Daddy…I need that red car…buy it for me…I told him he should make do with the one at home,” Mr Klutse recalled.

Ms Gifty Amofa, a media practitioner, underscored the need for everybody to live within his or her means, taking cognizance of one’s income.

She said it was prudent to be financially-independent at all times in order to earn the respect of the society, instead of hovering from one friend or family member ‘‘begging’’ for financial support.